Life Insurance
Introduction to Manulife's Optional Life Program
(ELIGIBILITY: All employees eligible for Group Life Insurance, subject to medical underwriting - POLICY #50237)
Life insurance provides coverage for your family against loss of income in the event of your death. It allows you peace of mind knowing that your dependants and loved ones are protected from financial loss that may result from the loss of your life and income.
Basic Group Life Insurance provides a benefit amount (3x salary at UPEI to age 65) intended to cover immediate expenses associated with your death. Optional Life is a voluntary term insurance available to you and your spouse through your benefit plan. It provides additional coverage above and beyond your Basic Life Insurance and allows you to choose the amount of coverage that fits your family's circumstances. Optional Life coverage supplements your basic coverage to reduce the potentially devastating impact that the loss of your income would have on your family and your family's standard of living.
As a group benefit, Optional Life coverage is available at a more affordable rate than traditional individual life insurance.
Why Cover My Spouse?
Many families depend on two incomes to meet their financial obligations and support their lifestyle. Having Optional Life Insurance for your spouse ensures adequate coverage to protect against loss of income and helps cover childcare costs. The preferred rates available to you as a plan member are also available to your spouse - making joint coverage a cost-effective option for protecting your family.
Funding Your Coverage
Optional Life premiums are paid by you, the plan member, through payroll deduction. UPEI will remit premiums on your behalf to Manulife Financial.
Coverage Changes
If you are applying for new or additional coverage, you will need to complete:
If you are applying for additional coverage, you will need to indicate your original amount of coverage, as well as the amount of coverage you would like to add.
If you are changing your beneficiary, you will need to contact Human Resources.
If you are cancelling coverage, you will need to advise Human Resources in writing.
Similar to Group Life insurance, coverage ends with your termination of employment with UPEI. Coverage can be continued, however, through a conversion privilege. Please contact Human Resources if this is of interest.
Manulife Financial Optional Life Insurance brochure
More Questions?
If you have additional questions on the Optional Life Coverage including current rate information, you can reach the Manulife Customer Service Centre at 1-866-501-2323 (reference UPEI Policy #50237).
